SOLD

Ray White Kaitaia and Mangonui

The real estate agency business in Kaitaia is located on 123 Commerce Street, which is the main retail area for Kaitaia.  The office has been servicing the community for just over 15 years and is part of the Mark Saxton Real Estate group which also has an additional office in Mangonui. Kaitaia is a four hour drive north from Auckland and also has daily flights from Auckland which take one hour.  The town has a population close to 6,000; with its main service industry being forestry and tourism.  It is seen as a lifestyle destination and Kaitaia serves the communities of Aupouri Peninsula. The residential mix in the area sees properties priced from $140,000 to 2.5mil for beach front areas with 70 sales per annum.  The total turnover for the market is $23 million per annum.  The available sales commission for 2009 will be $690,000. 

The Ray White office in Kaitaia has a market share of 35% and in the past 12 months has completed sales totalling $15.6 million.  The office has three active salespeople and also has a property management division with 105 rentals under management. The office is a total of 360 sq meters and is available on a five year lease, with the rent being $28,000 per annum plus GST and outgoings. It has maintained several years of good profit and all chattels in the office are owned.

The office in Mangonui is a small agency business which currently has two good performing salespeople.  The premises are available on a longer term lease at a rate of $12,000 per annum plus GST and outgoings.  This office is a sales office only and holds 60 controlled listings and has had an average market share of 40% during the past 12 months. It is driven by confidence from the Auckland market and with this returning, it is expected that sales will increase as the area continue to grow in popularity.  The Mangonui area has a total of 1,500 residents and the office serves the areas of Taipa, Cable Bay and Cooper’s Beach.  The total number of properties is approximately 760.  The number of sales in the area over the past 12 months was 47.

The value of the businesses is made up in three ways:  property management, goodwill and the depreciated schedule of chattels.  The Kaitaia business is to be sold with the Mangonui office in place; however Mark Saxton is willing to discuss options.

We see this as an ideal opportunity for a real estate agent to take these businesses to the next level.  There is a genuine health reason for the sale of the businesses.  The current owner, Mark Saxton, lives in Coopers Beach and would be available to be agent licensee for a maximum of a one year period to assist in the ongoing success of the businesses. 

For further Information or a market opportunity document please contact Carey Smith – csmith@raywhite.com or 021 999 035